Three Bedder Marbella Sold 251 Mil Profit

A three-bedroom apartment at The Marbella, a freehold condo, was recently sold for $3.65 million, making it the most profitable condo resale transaction of the week from Oct 1 to Oct 8. The unit, measuring 1,582 sq ft, was sold on Oct 7 at a rate of $2,307 per square foot. The seller had originally purchased the unit in January 2005 as a new unit for $1.14 million, which amounts to $719 per square foot. This means that the seller made a gain of $2.51 million after owning the unit for close to 20 years. This equates to a capital gain of approximately 220% for the seller, or an annualized profit of 11.6%.

The transaction at The Marbella is the second-highest gain ever made on a unit at the condo, falling just shy of the top profit of $2.52 million. This was achieved from the sale of a 1,755 sq ft, four-bedroom unit in March 2023 for $3.78 million, which amounts to $2,154 per square foot. The seller had originally purchased the unit from the developer in February 2005 for $1.26 million, which amounts to $720 per square foot.

The Marbella is a freehold development located on Mount Sinai Rise, off Ulu Pandan Road in District 10. Completed in 2005, it comprises three blocks of 22 to 24 storeys, and a total of 239 units. These units range from two to four bedrooms, with sizes ranging from 1,076 sq ft to 4,284 sq ft.

The development has seen three other resale transactions this year, all of which have been profitable. The units were sold at prices between $2,228 and $2,293 per square foot, with the sellers making gains ranging from $613,000 to $890,000.

The second most profitable condo resale deal of the week took place at The Cornwall, another freehold development in District 10. On October 2, a four-bedroom, duplex penthouse unit measuring 2,551 sq ft was sold for $4.48 million, which amounts to $1,756 per square foot. The seller had bought the unit from the developer in October 2002 for $2.06 million, or $808 per square foot. This translates into a profit of $2.42 million for the seller, representing a capital gain of about 117%. The seller had owned the unit for 22 years.

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This transaction is the most profitable sale ever recorded for resale deals at The Cornwall, surpassing the previous top gain of $1.7 million achieved from the sale of a 1,464 sq ft, three-bedroom unit for $3.08 million ($2,104 psf) in August 2022. The seller had purchased the unit in September 2002 for $1.38 million ($941 psf).

The Cornwall, built in 2005, comprises 99 units and is situated on Cornwall Gardens, off Holland Road. The units are spread across low-rise blocks, and include one-bedroom apartments from 614 sq ft to 958 sq ft, two-bedroom units from 1,044 sq ft to 1,701 sq ft, three-bedroom units from 1,464 sq ft to 2,142 sq ft, and four-bedroom apartments from 1,927 sq ft to 2,551 sq ft. This sale is also the first transaction at The Cornwall this year. The last sale before that was in November 2023, when a 1,700 sq ft unit was sold for $2.65 million, which amounts to $1,558 per square foot. The seller, who bought the unit in November 2011 for $2.1 million ($1,235 psf), made a gain of $550,000.

On the other hand, the sale of a 1,227 sq ft, three-bedroom unit at Scotts Square was the least profitable condo resale deal of the week. The unit sold for $4.05 million ($3,300 psf) on Oct 8. The seller had originally purchased the apartment as a new unit in August 2007 for $4.7 million ($3,830 psf). This resulted in a loss of around $649,000 (13.8%) for the seller, after owning the unit for about 17 years.

Scotts Square has been topping the list of unprofitable deals for the past three weeks. The week before, a 947 sq ft, two-bedroom unit located on the 41st floor incurred a loss of around $916,000 (22.4%) after being sold for $3.18 million ($3,357 psf) on September 27. The seller had bought it from the developer in August 2007 for about $4.1 million ($4,324 psf). Before that, a 1,238 sq ft, three-bedroom unit was sold for $4 million ($3,231 psf) on September 20, resulting in a loss of $1.14 million for the seller. The seller had bought the unit from the developer in August 2007 for around $5.14 million ($4,155 psf).

Scotts Square is a freehold development in prime District 9, located on Scotts Road, next to the Orchard Road shopping belt. It is a part of a mixed-use development, including the Scotts Square shopping mall. Comprising 338 units, the condo has residences spread across two towers of 34 and 43 storeys on top of a four-storey retail podium. The units consist of one-bedroom units ranging from 624 sq ft to 635 sq ft, two-bedroom units from 893 sq ft to 947 sq ft, and three-bedroom units from 1,227 sq ft to 1,238 sq ft. The development is within walking distance of the Orchard MRT Station, which serves the North-South and Thomson-East Coast Lines.